(*** This is RESEARCH code NOT meant to be production code *** )
This is a research project to implement the concepts described in the below paper on creating a managed cryptocurrency architecture by modifying the implicit Bitcoin specification. This work is being done by the U.S. National Institute of Standards and Technology (NIST). The code here is NOT production code. It is experimental research code that is under development. A stable version is expected to be available, partially implementing the concepts in the paper, by March 2019.
Paper Title: Managed Blockchain Based Cryptocurrencies with Consensus Enforced Rules and Transparency
Abstract: Blockchain based cryptocurrencies are usually unmanaged, distributed, consensus-based systems in which no single entity has control. Managed cryptocurrencies can be implemented using private blockchains but are fundamentally different as the owners have complete control to do arbitrary activity without transparency (since they control the mining). In this work we explore a hybrid approach where a managed cryptocurrency is maintained through distributed consensus based methods. The currency administrator can perform ongoing management functions while the consensus methods enforce the rules of the cryptocurrency and provide transparency for all management actions. This enables the introduction of money management features common in fiat currencies but where the managing entity cannot perform arbitrary actions and transparency is enforced. We thus eliminate the need for users to trust the currency administrator but also to enable the administrator to manage the cryptocurrency. We demonstrate how to implement our approach through modest modifications to the implicit Bitcoin specification, however, our approach can be applied to most any blockchain based cryptocurrency using a variety of consensus methods.
Published in: 2018 17th IEEE International Conference On Trust, Security And Privacy In Computing And Communications/ 12th IEEE International Conference On Big Data Science And Engineering (TrustCom/BigDataSE)
Links:
Direct NIST Paper Link: https://ws680.nist.gov/publication/get_pdf.cfm?pub_id=925164
IEEE Paper Link: https://ieeexplore.ieee.org/document/8456046
Select News Articles: https://www.ccn.com/the-us-government-maintains-a-fork-of-bitcoin/